Incoterms

To facilitate commerce around the world, the International Chamber of Commerce (ICC) publishes a set of Incoterms, officially known as international commercial terms. Globally recognized, Incoterms prevent confusion in foreign trade contracts by clarifying the obligations of buyers and sellers. Parties involved in domestic and international trade commonly use these terms to understand one another and the terms of their business arrangements. Some Incoterms apply to any means of transportation; others apply strictly to transportation across water. Here is a visual job aid of each Incoterm, where ownership is handed off, and details regarding the risks.